The 'Discounts and Credits' screen allows you to take discounts and apply credits on vendor bills when you are making payments. You can access this screen by clicking the Discount or Credit button on the Pay Vendor Bills screen.
The following are descriptions of fields on this screen:
Bill
This section displays a summary of the selected vendor bill being paid.
Vendor:
Name of the vendor for which the bill is being paid.
Bill No.:
This is the vendor bill number against which a payment is being recorded.
Date:
Displays the date when the vendor bill was created.
Original Amount:
Displays the original amount due on the vendor bill. This amount does not include any discount or credit.
Amount Due:
Displays the balance amount due. It is calculated by subtracting the previous payments made against the vendor bill from the original amount.
Discount:
Displays any discount received from a vendor on the bill. This amount changes based on the value entered in the 'Amount of Discount' field.
Amount to Pay:
This displays the amount that is due for payment after the discount or credit is applied on the bill amount due.
This screen is divided into two tabs—Discounts and Credits.
Discounts Tab
Amount of Discount:
You can enter the amount to be discounted from the vendor bill. This discount is received from the vendor against the selected vendor bill.
Discount Account:
The account to which the discount amount is recorded. It can be an income, expense or any other account.
Credits Tab
When you have existing credit with a vendor, you can apply that to the vendor bill to reduce its balance. You can use the Write Checks screen to write an advance payment check to a vendor.
SEL:
You can check this box to select and apply the existing credit to the vendor bill.
Date:
This is the date when the credit was recorded against the vendor.
Reference:
This is the reference number associated with the vendor credit. It is brought forward from the Enter Credits screen.
Credit Amount:
This is the total credit amount available for the vendor. It is brought forward from the Enter Credits screen or the Write Checks screen.
If a vendor credit is brought forward from the Write Checks screen, only those vendor bills can use this credit amount that have the same vendor and the same Accounts Payable account against which a check is written.
Apply Credit:
This is the credit amount applied on a vendor bill. You can edit it according to the credit you want to apply on the vendor bill.
Credit Balance:
It is the remaining credit balance for a vendor. It is equal to Credit Amount - Apply Credit.
Discounts and Credits Button Panel:
Help:
Opens the BillQuick Online Help in the Discounts and Credits section.
OK:
Saves the information and closes the screen.
Close:
Closes the screen.